Latest news with #Medicare
Business Wire
14 minutes ago
- Business
- Business Wire
Priority Health Expands into Wisconsin by Becoming Governing Member of Group Health Cooperative of Eau Claire
BUSINESS WIRE)--Priority Health, a Michigan-based health plan serving more than 1.3 million members, and Group Health Cooperative of Eau Claire (the Cooperative), a community-based health plan in Wisconsin serving more than 61,000 members, have announced plans for Priority Health to become the governing member of the Cooperative. "By bringing together our strengths and capabilities, we are better positioned to improve health outcomes and provide an exceptional member experience." 'This agreement with Group Health Cooperative of Eau Claire marks a significant milestone in our mission to expand access to high-quality, affordable health care to those we are privileged to serve,' said Nick Gates, interim president of Priority Health. 'By bringing together our strengths and capabilities, we are better positioned to improve health outcomes and provide an exceptional member experience. We look forward to serving the members of Group Health Cooperative of Eau Claire.' Sarah North, CEO and general manager of Group Health Cooperative of Eau Claire, said: 'Priority Health brings a track record of thoughtful leadership and a deep commitment to improving health outcomes — qualities that align well with our values. This agreement lays the groundwork for continued growth and innovation in today's rapidly evolving health care landscape and positions us for long-term sustainability while allowing us to stay true to our purpose of improving health and offering community-based health plans in Wisconsin.' Both organizations anticipate the transaction will close by the end of 2025 after required approvals are completed. The agreement with the Cooperative will make Priority Health a four-state health plan. In December 2024, Priority Health became the sole member of Physicians Health Plan of Northern Indiana, which serves members in Indiana and Ohio. Kaufman, Hall, and Associates, LLC is serving as exclusive strategic and financial advisor and Weld Riley is serving as legal counsel to Group Health Cooperative Eau Claire in this transaction. Taft Stettinius & Hollister is serving as external legal counsel to Priority Health and Ankura is serving as due diligence advisor. About Priority Health: Our members are at the heart of everything we do. With more than 30 years in business, Priority Health is the second-largest health plan in Michigan and the third-largest provider-sponsored health plan in the nation, offering an extensive portfolio of health benefits options for employer groups and individuals, including Medicare and Medicaid plans. Serving more than 1.3 million members each year in Michigan, Indiana and Ohio, Priority Health offers a broad network of primary care physicians. Priority Health continues to be recognized as a leader for quality, customer service, transparency and product innovation. Learn more about affordable, quality health coverage options from Priority Health. Visit the Priority Health newsroom for the latest news. About Group Health Cooperative of Eau Claire: Founded in 1972, Group Health Cooperative of Eau Claire is a nonprofit, member-focused health plan serving approximately 61,000 members across Wisconsin, including Medicaid and Medicare beneficiaries, commercial employer groups, and state employees. Visit Group Health Cooperative of Eau Claire to learn more.
CNBC
15 minutes ago
- Business
- CNBC
UnitedHealth faces DOJ investigation into Medicare billing practices
CNBC contributor Jonathan Kanter joins 'Squawk on the Street' to discuss reactions to the Department of Justice investigation into UnitedHealth's Medicare billing practices.
40 minutes ago
- Health
UnitedHealth says it is under a federal criminal and civil investigation regarding Medicare business and is cooperating
MINNETONKA, Minn. -- UnitedHealth says it is under a federal criminal and civil investigation regarding Medicare business and is cooperating.
an hour ago
- Business
UnitedHealth under federal investigation, company says in filing
UnitedHealth Group faces a criminal and civil investigation from the Department of Justice, the company disclosed on Thursday. The company in an SEC filing said it was complying with the requests from the DOJ. UnitedHealth said it reached out "proactively" to the DOJ after media reports about a probe into its Medicare practices. "The Company has now begun complying with formal criminal and civil requests from the Department. The Company has full confidence in its practices and is committed to working cooperatively with the Department throughout this process," UnitedHealth said. UnitedHealth's announcement that it faces a federal investigation adds to an increasingly tumultuous year for the country's largest healthcare company. The company was thrown into the spotlight after last year's fatal shooting of UnitedHealthcare CEO Brian Thompson in New York, sparking a national conversation about frustrations with healthcare companies. UnitedHealth Group's CEO abruptly left the company in May, and the company's stock price plunged following a series of reports in The Wall Street Journal about civil and criminal probes into the company. The WSJ reported in May that the DOJ's healthcare-fraud unit was investigating possible Medicare fraud at the company, adding to investigations of potential antitrust violations and its Medicare billing practices. The company was the worst performer on the Dow Jones Industrial Average during the first half of 2025. Its stock price declined by 1.5 percent in morning trading following the announcement. In a filing with the Securities and Exchange Commission, UnitedHealth said it has "full confidence" in its practices. It added that a court-appointed monitor found no wrongdoing after a decade-long probe into its Medicare Advantage business. "The Company is committed to maintaining the integrity of its business practices and serving as reliable stewards of American tax dollars," UnitedHealth said.
Yahoo
2 hours ago
- Business
- Yahoo
UnitedHealth stock drops after company confirms DOJ investigation into Medicare billing practices
UnitedHealth (UNH) stock fell as much as 2% early Thursday after the insurance giant disclosed in a regulatory filing Thursday morning that it is facing an investigation from the Department of Justice into its Medicare billing practices. Following news reports from The Wall Street Journal about insurance billing techniques used by UnitedHealth and other large medical insurers, the Justice Department's healthcare fraud unit began making criminal and civil requests of the company, according to the filing. The health insurance giant has been facing a probe from the Justice Department into possible Medicare fraud since at least the summer of 2024, according to The Wall Street Journal's reporting. "The Company has full confidence in its practices and is committed to working cooperatively with the Department throughout this process," UnitedHealth said in its disclosure. "The Company has a long record of responsible conduct and effective compliance." The insurer also said it has "proactively launched its own initiative to conduct third party reviews of policies, practices, and associated processes and performance metrics for risk assessment coding, managed care practices, and pharmacy services." The Wall Street Journal's reporting, first published in December 2024, documented several ways in which United and other major insurers have received billions of dollars in extra payments from the federal Medicare Advantage system, which allows approved private companies to provide health benefits in lieu of the federally managed Medicare system. Insurance companies tacked on extra, and sometimes incorrect, diagnoses to patient profiles when those rulings had not been made by the doctors actually treating the patients, allowing the insurers access to extra payouts from the Medicare program, according to The Wall Street Journal's reporting. UnitedHealth has been under pressure since the December shooting of Brian Thompson, CEO of its UnitedHealthcare unit. In April, the company's first quarter earnings report sent shares down over 22%, its worst single-day performance since 1998. The next month, UnitedHealth's CEO Andrew Witty abruptly stepped down while the company pulled its annual forecast. Shares of the insurance giant are down almost 50% over the last year. Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
